LETTER OF INTENT FOR BLACKFORD DOLPHIN

Dolphin Drilling Ltd, a subsidiary of Fred. Olsen Energy ASA, has entered into a letter of intent for the award of a nine month contract in the UK sector with the semi-submersible Blackford Dolphin. The letter of intent remains subject to finalization of a mutually acceptable contract agreement. The contract will follow in direct continuation from the previously announced contracts with MPX North Sea Ltd and Capricorn Ireland Ltd and is expected to commence around the third quarter 2014. The estimated contract value for the nine month period is approximately USD 115 million.